PistonHeads.com Forum

Transaction Disclosure



Original Poster:

400 posts

61 months

Monday 1st October 2012
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Be interested to hear from anyone with genuine knowledge of the below, and any regulations that may be breached.

If a BACS Payment is claimed to be sent, and the recipient fails to receive the amount, when the sender initiates a trace, what will the bank disclose by way of transaction information?

The sender is claiming that multiple payments sent on the same day to the same sort code of the same bank have "gone missing" and a trace has been started. How long do these traces take, and will the bank disclose that the amount has gone into a suspense account and return this to the sender, or will it simply just put it into the correct account when traced? Will the sender be informed of where the funds went, and must they disclose this to the intended recipient?

For clarity, this is a severance payment query, and the company is a large plc.


1,325 posts

80 months

Tuesday 2nd October 2012
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Banks receive a bacs report that lists all payments with sort code and account number and reference numbers. The receiving bank also gets the same.

If you as the sender have misquoted something then it's likely the receiving bank is sitting on the money waiting for someone to claim it. Should take a week to check and return.


1,356 posts

111 months

Friday 5th October 2012
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I have experience of 'missing funds' and traces and unfortunately I have never been given a clear answer.

What I have found is the bank that pays out will trace the funds to confirm they arrived at the recipient bank but after that its down to the bank receiving the funds to operate a trace from their end.

BACS payments that have been made in error are usually sat in a suspense account for one day and are then bounced back to the bank account of origin. This takes some 2-3 days.